Iowa Code 533.316 – Interest rates
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Terms Used In Iowa Code 533.316
- Deed: The legal instrument used to transfer title in real property from one person to another.
- deed: is a pplied to an instrument conveying lands, but does not imply a sealed instrument; and the words "bond" and "indenture" do not necessarily imply a seal, and the word "undertaking" means a promise or security in any form. See Iowa Code 4.1
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
533.316 Interest rates.
1. a. Interest rates on loans made by a state credit union, other than loans secured by a
mortgage or deed of trust which is a first lien upon real property, shall not exceed the finance charge permitted in sections 537.2401 and 537.2402 on consumer loans.
b. Interest rates on business loans shall not exceed the finance charge permitted by section
535.2.
2. With respect to a loan secured by a mortgage or deed of trust which is a first lien upon real property, a state credit union shall not charge a rate of interest that exceeds the maximum rate permitted by § 535.2.
3. The provisions of this section do not apply to a loan that is subject to § 636.46.
2007 Acts, ch 174, §47
1. a. Interest rates on loans made by a state credit union, other than loans secured by a
mortgage or deed of trust which is a first lien upon real property, shall not exceed the finance charge permitted in sections 537.2401 and 537.2402 on consumer loans.
b. Interest rates on business loans shall not exceed the finance charge permitted by section
535.2.
2. With respect to a loan secured by a mortgage or deed of trust which is a first lien upon real property, a state credit union shall not charge a rate of interest that exceeds the maximum rate permitted by § 535.2.
3. The provisions of this section do not apply to a loan that is subject to § 636.46.
2007 Acts, ch 174, §47